FORM 5 END OF TERM 2 QUIZ

The type of business environment MOST typical of the Commonwealth Caribbean is

• corporate state

• perfectly competitive

• mixed economy

• centrally planned

Which of the following phrases BEST

describes an authoritarian leader?

• Willing to take suggestions

• Making decisions without consultation

• Allowing workers to plan their

  own work

• Consulting those likely to be

  affected by decisions

In which of the following categories

would subsidized meals for employees

fall?

• Fringe benefits

• Duty allowances

• Wages and salaries

• Workmen's compensation

The MAIN benefit of collateral to the

lender is that it

• can be seized if the borrower fails

  to pay

• improves the borrower's chance

  of getting a loan

• determines the financial position of the borrower

• gives the lender an idea of the

  state of the business

Which of the following variables is NOT

an element of a feasibility study?

• Profitability

• Target market

• Market demand

• Business design

A contract may be discharged by

I. breach

II. lapse of time

III. offer and acceptance

• I and II only

• I and III only

• II and III only

• I, II and III

Which of the following is NOT a primary

industry?

• Mining

• Fishing

• Farming

• Building

The monthly payments collected by an

insurance company from its policyholders

are known as

• deposits

• premiums

• installments

• endowments

If Paula offers to sell Barry an umbrella

for $50, but Barry offers to pay $40, this is

an example of

• an offer

• a counteroffer

• an agreement

• an invitation to treat

Which of the following factors prevents

an agreement from being considered a

valid contract?

O

• Consideration

• Legal purpose

• Misrepresentation

• Offer and acceptance